Artificial Intelligence to take centre stage at the Singapore FinTech Festival 2023

Singapore, 1 June 2023… The Monetary Authority of Singapore (MAS) and Elevandi^[1] today announced the theme of the Singapore FinTech Festival (SFF) 2023 – ‘Applications of Artificial Intelligence (AI) in Financial Services’. SFF 2023 will focus on the growth and adoption of AI and how this technology can potentially be used in financial services. Organised by MAS and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore, this year’s SFF will be held from 15 to 17 November at the Singapore EXPO, with The Capital Meets Policy Dialogue™, Elevandi Insights Forum™ and the annual Innovation Lab Crawl taking place on 13 and 14 November. It will convene leaders from the government, financial services, investment, and technology sectors.

2          2023 will see the continued exponential growth of AI applications and adoption, with venture capitalist investments in Generative AI having reached a new high of US$2.6 billion in 2022[2] and with Generative AI seeing the fastest-growing consumer take-up in history[3]. Leaders in the financial industry are keen to understand how AI can help build greater resilience in financial services.

3          SFF 2023 will examine how technologies such as AI and Web3, and digital public goods, can help to accelerate the transition to a low-carbon future and re-imagine the financial system architecture to better address the needs of the underserved.  There will also be a focus on securing the digital economy against modern climate, technology, and cyber risks.

4          SFF 2023 will be divided into five thematic zones, with each zone hosting deep-dive dialogues and educational workshops, and showcasing innovative solutions by leading organisations:

• The Technology Zone will give participants a glimpse into current and future technologies shaping financial services, such as digital assets, and demonstrate the latest advancements in AI applications.
• The ESG Zone will spotlight the Environmental, Social and Governance financial services ecosystem, including financial institutions, real economy solutions, Internet of Things manufacturers and sustainable micro start-ups.
• The Regulation Zone is a space for international financial policymakers and regulators to exchange insights on their regulatory and development strategies, and will feature RegTech and SupTech solutions in the areas of regulatory compliance, cybersecurity and anti-money laundering.
• The Founders Zone provides a dedicated platform for financial services founders, entrepreneurs and investors worldwide to connect. SFF 2023 will also see the return of The Founders Peak stage, a popular platform where exceptional founders share insights on successful entrepreneurship.
• The Talent Zone will expand on the signature Talent Pavilion^[4] to advance learning, upskilling and the future of work by highlighting the talent development initiatives of the public and private sectors. The Zone will also include two hackathons – Global FinTech Hackcelerator and PolyFinTech100 – that will allow promising tech talent to showcase their capabilities.

5          The Capital Meets Policy Dialogue[5], Asia-Pacific Chapter, to be held on 13 November, will bring together policymakers, regulators and investors. Following the success of the inaugural Dialogue at SFF 2022, Elevandi will host the Africa Chapter of the Dialogue in Rwanda and the European Chapter in Switzerland in June 2023. This will be followed by the Asia-Pacific flagship Dialogue at SFF 2023, which will focus on policy and regulatory priorities as well as key areas of AI investment.

6          The Elevandi Insights Forum^[6], scheduled from 13 to 14 November, will host deep-dive roundtables with public and private sector organisations to address challenges faced in scaling up digital finance, ranging from frictions in cross-border data flows to differing maturity in digital infrastructure. Last year’s Forum saw nine reports published based on the 22 roundtables led by public sector organisations such as the Asian Development Bank, BIS Innovation Hub, International Finance Corporation, and the International Monetary Fund.

7          In partnership with the National University of Singapore Asia Institute for Digital Finance, the ChatGPT and AI in Finance certificate programme will be launched for SFF pass-holders. It will comprise self-paced online classes and feature exclusive industry talks by industry luminaries at the Festival.

8          Participants can also look forward to the day-long Innovation Lab Crawl^[7] on 13 and 14 November and the SFF Global FinTech Awards^[8] gala event on 16 November.

9          Sopnendu Mohanty, Chief FinTech Officer, MAS and Chairman of Elevandi Board, said, “Innovations in technology continue to present us with powerful tools to enhance the global financial industry’s responses to economic and financial challenges. At SFF 2023, we have the opportunity to convene a global dialogue that will explore the potential of transformative technologies and policies for financial services, and bolster the FinTech ecosystem against future shocks.”

10        Chua Wee Phong, Group Chief Executive Officer of Constellar, said, “Catering to attendees and exhibitors both new and returning, we have created a cohesive visitor experience enabling stronger connections on the show floor with an important difference: It will be the first SFF to be powered by renewable energy entirely from the Festival venue at Singapore EXPO. This is a significant milestone in the SFF’s sustainability journey towards Net Zero in collaboration with like-minded partners.”

11        SFF 2023 registration is now open. Complimentary passes are available for policymakers, regulators, think tanks, academics, coders and students. Start-ups can also enjoy discounted tickets.

 

 

 

^[1] A not-for-profit entity set up by the MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally.

[2] Looking specifically at generative AI startups, CB Insights found that 2022 was a record year, with equity funding topping $2.6 billion across 110 deals.

[3] A UBS study dated 2 February 2023 cited data from analytics firm Similarweb which stated that ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch.

^[4] Talent Pavilion is organised by MAS and Growing Timber to provide an array of events, job opportunities, upskilling and reskilling courses. Learn more about Talent Pavilion at https://talentpavilion.sg. 

[5] Learn more at https://www.elevandi.io/initiativ/the-capital-meets-policy-dialogue/.

^[6] Learn more at https://www.elevandi.io/initiativ/elevandi-insights-forum/.

^[7] Learn more about last year’s Innovation Lab Crawl at https://www.fintechfestival.sg/innovation-lab-crawl/.

^[8] Learn more about last year’s SFF Global FinTech Awards at https://www.fintechfestival.sg/fintech-awards/.